A student athlete is deciding whether to work out for an extra hour. Her marginal benefit from another hour of exercise
A) is the benefit she gets from all the hours she's worked out all week.
B) is the benefit she receives from exercising the additional hour.
C) is less than the marginal cost of the additional hour.
D) depends on the cost of the workout.
B
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The amount of a tax paid by the buyers will be larger the
A) more elastic the demand and the more inelastic the supply. B) more inelastic the demand and the more elastic the supply. C) more inelastic are both the supply and demand. D) more elastic are both the supply and demand.
Monopsonists hire the amount of labor that will equate the marginal factor cost with the derived demand curve for labor.
Answer the following statement true (T) or false (F)
If it is a cultural norm to believe that "a busy person is an important person," then we would expect the labor:
A. demand in that culture to be relatively greater at any wage. B. supply in that culture to be relatively lower at any wage. C. demand in that culture to be relatively lower at any wage. D. supply in that culture to be relatively greater at any wage.
What is “demand-pull” inflation?
What will be an ideal response?